Early vs. Delayed Social Security Benefits

A simplified 62-versus-70 example

Assume full retirement age is 67 and the PIA is $1,000. Claiming at 62 would be about $700 per month, while claiming at 70 would be about $1,240 per month before treating COLAs. By age 70, the early claimant has received about $67,200. The later benefit is $540 higher per month, producing a simplified crossover around age 80 and 4 months.

That example isolates timing. A personal estimate may differ because of exact months, earnings, rounding, COLAs, and rule year.

Use one consistent dollar basis

Comparisons become confusing when one number is in today's purchasing power and another includes assumed future COLAs. Claiming Planner labels constant formula dollars and future dollars separately. Use constant formula dollars to isolate the claiming adjustment; use future dollars only if you understand the displayed COLA assumption.

Break-even is not the whole decision

A break-even age does not incorporate every household concern. Health expectations, cash reserves, work plans, taxes, spouse and survivor benefits, and risk tolerance can matter. Use the crossover as one input and confirm official estimates in your my Social Security account.